We estimate changes in the productivity of schooling for six East Asian countries. Our productivity measure is based on changes in the relative price of schooling. A rising price of schooling relative to other labor-intensive service sectors should indicate declining relative schooling...

This paper contributes to the literature on the effectiveness of schools. The analysis is unique in five respects. First, the data employed include the minutes of instruction per five day week in each of four subjects for all the public schools in Illinois. Few education production function...

This paper aims at formulating a theoretical model of educational attainment which is directly implementable empirically. The conceptual frame-work relies on the human capital theory, where individuals weigh the costs and the returns of education to decide on the optimal amount of education they...

In this paper we study whether the presence of binding liquidity constraints and the existence of fixed costs can explain the underinvestment of parents in their children's human capital. We first incorporate these two potential mechanisms into the theoretical model of Raut & Tran (2005) and...

In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change

Productivity is a most important determinant of national wealth and standards of living. Scholars have shown that different welfare production regimes pursue distinct human capital formation policies to promote productivity. But do those government policies actually promote the productivity of...

A review of the measures of the stock of human capital used in empirical growth research reveals that human capital is mostly poorly proxied. The simple use of the most common proxy, average years of schooling of the working-age population, misspecifies the relationship between education and the...

A review of the measures of the stock of human capital used in empirical growth research reveals that human capital is mostly poorly proxied. The simple use of the most common proxy, average years of schooling of the working-age population, misspecifies the relationship between education and the...